Synopsis As Introduced Amends the Contractor Prompt Payment Act. Provides that under a construction contract, it is unlawful to withhold more than 5% retainage on payments earned by contractors and subcontractors. Effective immediately.
Judicial Note (Admin Office of the Illinois Courts)
HB 1292 would neither increase nor decrease the number of judges needed in the State.
Fiscal Note (Capital Development Board)
There is no fiscal impact since the held retainage is eventually paid whether it begins at 10% or 5%. The loss is the leverage that the retainage provides to help assure quality.
Fiscal Note (Dept. of Transportation)
HB 1292 will have no fiscal impact on the Department of Transportation.
State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)